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FedEx Cuts Full-Year Outlook After Posting Lower Profit, Revenue in 1Q

Dow Jones09-20

By Connor Hart

FedEx cut its outlook after posting lower profit and revenue in its fiscal first quarter, dragged down by a shift in the mix of it business that saw reduced demand for priority services, increased demand for deferred services and constrained yield growth.

The Memphis, Tenn., package-shipping company on Thursday posted a profit of $790 million, or $3.21 a share, for its three months ended Aug. 31, compared with $1.08 billion, or $4.23 a share, in last year's quarter.

Adjusted per-share earnings were $3.60, missing the $4.75 that analysts polled by FactSet forecast.

Revenue fell 0.5% to $21.6 billion. Analysts were looking for $21.87 billion, according to FactSet.

Chief Executive Raj Subramaniam said the company remains focused on transforming its network, improving efficiencies and lowering costs, adding that he remains confident in the value-creation opportunities the company has ahead.

For its fiscal 2025, FedEx now expects per-share earnings between $17.90 and $18.90 before accounting adjustments for mark-to-market retirement plans, compared with a prior outlook of between $18.25 and $20.25. The company guided for revenue growth in the low single-digits, compared with a prior forecast of a low-to-mid single digit increase.

Analysts polled by FactSet forecast per-share earnings of $19.96 and revenue of $89.69 billion.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

September 19, 2024 16:25 ET (20:25 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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